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<p align=justify> DGAP-Ad hoc: VIVA Media AG <VVM> english<p>VIVA Group reduces forecast for 2002<p>Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement.<p>--------------------------------------------------------------------------------<p>- Concentration on core business and hiving off of other participations continues - VIVA Group reduces forecast for 2002 by reason of one-off effects - Advertising market remains very taut Cologne, 07/30/2002: The VIVA Group reduces its revenues and profit forecasts for 2002. This was caused in the main by extraordinary effects arising from the planned move and the possible insolvency of the PC game developer WESTKA, in which BRAINPOOL holds a 60% interest. The original forecast included a sizeable calculated contribution from WESTKA. WESTKA has not yet been able to sell a newly developed high-end computer game and requires intermediate financing. VIVA Management will definitely not be providing this financing. As a result, WESTKA is going to file for insolvency in the near future and will have to be written off completely in the VIVA Group balance sheet with the consequent effects on the P&L. The ad market still remains taut. The net volume of the entire German TV ad market in 2002 could well lie up to -10% below the level of 2001. Whilst VIVA even provisionally managed to achieve growth of 2 to 3% in advertising income from the classic consumer goods articles in 2002, it will still have to reckon with decreases in advertising income from the music industry, which will be hard to compensate. As a result of the effects given, Group revenues for 2002 are expected to amount to EURm 109 (instead of EURm 125). In the case of the EBITDA and EBIT forecasts (EURm 44 and EURm 37) announced at the beginning of 2002, it was expressly stated that no figures for the additional removal and technical costs could be given yet. This expenditure can now be quantified and they, together with the effects of the market and WESTKA already stated, have given rise to a revised forecast for EBITDA at EURm +26 and EBIT at EURm +15. By the end of the year we are still expecting a positive operative cash flow. Due to lower revenues, additional depreciation and amortization, and cost savings at the same time, only approx. EURm 1 of the reduced EBIT forecast will be cash effective. The VIVA Group has at its disposal a high level of cash to the sum of just under EURm 50 (as at 06/2002) which will enable the Group together with the new major shareholder AOL Time Warner to facilitate the planned further internationalisation of the VIVA Group. Contact: www.vivamediaag.com<p>end of ad-hoc-announcement (c)DGAP 30.07.2002<p>--------------------------------------------------------------------------------<p>WKN: 617106; ISIN: DE0006171069; Index: Listed: Neuer Markt in Frankfurt, Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart <br><br>Autor: DGAP import (),08:27 30.07.2002</p> |
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| aus der Diskussion: | DGAP-Ad hoc: VIVA Media AG <VVM> english |
| Autor (Datum des Eintrages): | ad_hoc (30.07.02 08:28:03) |
| Beitrag: | 1 von 1 (ID:6997665) |
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